JIM D. REED
305 Lake Village Drive, #203 • Ann Arbor, Michigan 48103
Senior Financial Executive combines extensive financial and operational supply chain management experience to provide finance management with an operational flair. Prepare and implement plans to improve margin. Analyze financial performance and institute sound procedural changes to address areas of concern. Ensure Sarbanes-Oxley compliance. Create systems for cost reduction and preparation of future program quotes. Negotiate purchase agreements. Monitor vendor compliance to agreements. Utilize operational experience to improve financial support.
Strategic & Tactical Planning • International Business
P&L Management • Change Management • Compliance Management
Financial Analysis • Cost Control • Internal Controls • Purchasing • Negotiations
Procedure Development • Process Reengineering • Staff Management
Cross Functional Team Leadership • Team Building
PROFESSIONAL EXPERIENCE
LEAR CORPORATION, Southfield, Michigan • 2000 – 2009 & 1995 - 1996
Manufactures seating and electrical and electronic systems in 34 countries. Annual sales of $14B.
Vice President Global Purchasing (2004 – 2009)
Directed a global team with members in Europe, Africa, North and South America, and Asia. Managed 9 Vice President/Director direct reports in purchasing, finance, and supplier development with over 500 indirect employees. Ensured compliance with Sarbanes-Oxley requirements in the global supply chain. Oversaw all supply chain functions globally with purchases of $7.5B from Shanghai China, with special emphasis on Asia. Analyzed customers and vehicle platforms to determine return on investment. Created action plans for pricing, cost reduction, and future program quotes.
• Sourced over $400M from Asia and secured average savings of over 15%.
• Avoided $90M in steel price increases in 2008 by developing target pricing, compressing the supply base, and utilizing fact-based negotiation and saved over $190M over 3 years through purchase order reductions.
• Improved the Asia OEM margin by 10% through analyzing costs, developing action plans, and instituting a weekly senior management meeting to focus on doubling income in 1 year.
• Reduced staffing by 30% and increased controls to meet SOX requirements by reengineering the purchasing organization from a regional approach to a global commodity procurement approach.
Vice President Finance and Cost Technology Optimization (2000 – 2004)
Developed strategic and business plans. Analyzed return on investment for all new business. Created and managed Cost Management Centers. Provided all financial reporting. Implemented internal controls. Managed 5 direct reports at the Director and Manager levels.
• Boosted margins of the Ford business from under 6% to 13% by designing and utilizing a new system to track revenue, cost and profit by the OEM system rather than plant.
JIM D. REED • Page 2 •
• Delivered $6M in profit by bringing the Cost Technology Optimization process and center to Asia.
• Played a key role in negotiating a 3-year Ford agreement that benefited Lear and Ford from true cost reduction, texturing, and plant closings.
• Developed a process and system to track open opportunities for cost savings, engineering change controls, purchasing savings, business awards, and margin enhancement that has driven favorable results and is still in use.
GIDDINGS & LEWIS, Fond du Lac, Wisconsin • 1996 – 2000
Manufactures engine machining lines, machining centers, measurement machines, and controls in 7 locations in 3 countries. Annual sales of $1B before being purchased by ThyssenKrupp.
Chief Financial Officer
Led all financial functions. Prepared financial statements. Oversaw SEC reporting. Prepared strategic plans, annual business plans, and reports for the Board of Directors. Audited compliance. Negotiated with benefits providers. Managed P&L. Exercised cost analysis and control. Implemented SAP into all locations of the general ledger. Managed 5 direct reports and 65 indirect employees.
• Played a key role in shifting the company from a public company to a division of a German company, requiring implementation of SAP, conversion to German reporting systems, and education of German managers concerning US regulatory compliance.
• Avoided writing off $250K from a contract with Chrysler through fact-based analysis, reconstruction of 3 years of engineering changes, and utilizing financial, legal, sales, and negotiation skills to save the at-risk profit.
BRC Rubber Company, Churubusco, Indiana 1994 – 1995
Manufactures automotive and commercial rubber and silicone gaskets in 5 locations. Annual sales of $150M.
Chief Financial Officer
Led all finance functions, prepared all statements, tax returns, annual plans and bank relationships. Reported to owner. Managed 3 direct reports and 11 indirect employees.
• Responsible to prepare the company for sale, negotiation of the agreed upon sale price and creation of data room.
• Achieved agreed upon sale price with special consideration for owners.
• Stabilized all finance, system and procedures during time as CFO.
• Identified plant closings to improve performance and growth opportunities
GenCorp, Fairlawn, Ohio 1984-1994
Manufactures automotive components for class A surfaces, vehicle seals and vibration control. Annual sales of $2B after sale of tire group
Plant Controller, Operation Controller & Vice President Finance – Automotive
• As plant controller, lead the turnaround of plant with loses for five years to profit in 15 months through analysis of activity based accounting and detail part price versus cost analysis.
• Resolved all audit concerns
• Hired and developed team to support plant
• As operation controller, lead the consolidation, planning, budgeting, variance analysis for the automotive division.
• As vice president lead all finance functions for automotive in four countries and 11+ plants.
• Achieved improved margins each year through detailed part analysis
JIM D. REED • Page 3 •
• Drove best practice and methods to each location through a balanced scorecard approach with monthly on-site reviews and training.
Harsco (Broderick Division), Muncie, Indiana 1978-1984
Steel forging manufacturer of gears, connecting rods and cam shafts. Annual sales of $350M.
Cost Accountant and Cost Accounting Manager
• Started on shop floor developing procedures and process for financial reporting.
• Lead first wall to wall physical in 10 years unearthing over $8M in written off steel inventory.
• Directed all incentive payroll, accounts payable and accounts receivable, and closing of the monthly books of entry.
EDUCATION
Master of Business Administration
Indiana Wesleyan University – Marion, Indiana
Bachelor of Science in Accounting
Ball State University – Muncie, Indiana
ADDITIONAL TRAINING
Indiana CPA Certification
Six Sigma – Green Belt Certification
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